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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (46099)	12/17/1999 5:27:00 PM
From: Alex	Read Replies (1) \| Respond to of 116836

IMF says sold 7 mln ounces of gold to Brazil under HIPC initiative WASHINGTON (AFX) - The IMF said it completed its first off-market sale of gold under the Highly Indebted Poor countries initiative, transferring "slightly more than" 7 mln ounces of gold to Brazil on Tuesday then accepting it back as payment for an obligation due on that day. The IMF said that the next sale, of about 655,000 ounces, will take place today. It did not say who the counterparty will be in the operation. The Fund said the total income from the Brazilian operation was about 1.450 bln SDRs, or approximately 1.99 bln usd. It said it retained about 250 mln SDRs and invested the remaining 1.2 bln with the Bank for International Settlements to generate income for the HIPC initiative. al/ng N For more information and to contact AFX: www.afxnews.com and www.afxpress.com ¸ Copyright 1999, The Nasdaq Stock Market, Inc. All Rights Reserved. Please read our Disclaimer, Trademarks, and Data Protection Statement. nasdaq.co.uk

To: long-gone who wrote (46099)	12/17/1999 7:06:00 PM
From: russet	Read Replies (2) \| Respond to of 116836

Okay, I'm ready for a lesson on Bullion Banks. In some Barrick documents I read several months ago, they said they use their Bullion Bank to facilitate sale of gold in the cantango program. I not sure whether they set up their own Bullion Bank, or used an independent one. Someone must take the other side of the short sell contract, and apparently the Central Banks don't do it directly. The Bullion Banks do. I assume this is to lower risk to the Central Banks from defaults of producers or speculators. Someone with deep pockets must act as an intermediary. If that is the case, then all the existing markets I mentioned do have a replacement for the Bullion Bank, because someone, a manufacturer, a private individual, a broker, a supplier or someone else takes the other side of a short selling contract to the seller. How else could you short one of those commodities or investments. Someone must have a inventory of the commodity or investments, to allow it to be sold. What other functions does a Bullion Bank serve? I am ready for input (gggggggg).